The Europe Veterinary Diagnostics Market has seen an exemplary shift in the past few years with the emergence of new and technologically advanced products, which had an optimistic impact on the market's overall growth. The European market is estimated to grow at a CAGR of 7.76% from 2023 to 2028 and the market size is expected to be worth USD 3.62 billion by 2028 from USD 2.49 billion in 2023.
The European Parliament and the Council adopted the Regulation on transmissible animal diseases (“Animal Health Law”) in March 2016. The regulation will be applicable in the next five years. It’ll support the EU livestock sector in its quest for competitiveness and a safe and smooth EU market of animals and their products, creating growth for the veterinary diagnostics market. Veterinary diagnostic products are as complex as they are challenging to manufacture. Many of the poultry and livestock diagnostic products are biological products that demand materials from living organisms. Market development for companion animal diagnostics has depended heavily upon the purchasing and use of in-clinic analyzers or diagnostic instruments used at veterinary practices.
Factors such as growing Zoonotic diseases in animals, increasing the number of veterinary practitioners in Europe, and increasing the demand for animal protein are primarily driving the veterinary diagnostics market in Europe. Growing technological support to diagnose animal diseases, increasing product launches, and rising partnerships between major companies are propelling market growth. In addition, rising per capita income in Europe, growing awareness among pet owners regarding their pet animal’s health, and an increasing number of in-clinical diagnostic methods are forecasted to boost the market.
The high costs associated with veterinary diagnostics and the restorative steps for animal diseases are expected to restrain the market.
This research report on the European veterinary diagnostics market has been segmented and sub-segmented into the following categories:
By Product Type:
The European veterinary diagnostics market accounted for the second-largest share of the global market in 2022. It is further predicted to be growing at a robust CAGR during the forecast period. The UK market for veterinary diagnostics is projected to be the accounting largest share of the European market during the forecast period due to the growing expenditure on pets. Increasing importance of preventing and control zoonotic animal diseases straight away from the human population across Europe and growing demand for pet insurance, an increasing number of veterinary clinics are driving the market. The German veterinary diagnostics market is forecasted to hike at a healthy rate during the forecast period due to rising animal healthcare expenditure, growing pet adoption, and increasing demand for animal-derived food products. Other countries such as France, Italy, and Spain are expected to have a considerable share during the forecast period.
KEY MARKET PLAYERS:
A few noteworthy companies operating in the European veterinary diagnostics market profiled in this report are VCA Inc., Heska Corporation, Abaxis Inc., VIRBAC, IDEXX Laboratories Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer. Inc.
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